Inflation hits its highest mark in over 40 years
The rapidly inflating consumer prices plaguing many markets have left many in Los Angeles County double-checking their bills and forcing them to cut their costs.
"We went from $150 to $200 to now with these few things — $560," said Armando Hernandez after a trip to Target.
The cost of living for Americans has skyrocketed not just for groceries, but for gas and many other goods. In a report from the Department of Labor released Tuesday, consumer prices increased 8.5% in March the fastest inflation rate since 1981, essentially erasing most wage increases.
"We didn't need this much money thrown at the economy," said founding partner of Beacon Economics Christopher Thornberg. "I don't know why they did it. It's the politics of the time. It's populism."
Thornberg and the Beacon of Economics, an independent research and consulting firm, said that there is no easy solution to the rapidly increasing inflation, scaring many politicians.
"They're terrified of the ramifications of quantitative tightening because it'll send... interest rates up sharply," he said.
The newly released inflation numbers were the first to show the full surge of gas prices following Russia's invasion of Ukraine. However, fuel costs have been rising steadily amid the supply chain bottlenecks after the United States emerges from the pandemic.
"I do expect that improvement will happen in the months ahead as oil companies continue to increase output," said GasBuddy spokesperson Patrick De Haan.
The surge in prices has caused many across L.A. County to protest and demand higher wages. While President Joe Biden has authorized the use of a blend of fuel that is typically prohibited in warmer months, many believe that it is unlikely it will become available in California; meaning that inflation will not be going anywhere for Californians.
"It's going to get worse people, buckle up," said Thornberg.
